A major South Korean city is clamping down on carbon emission by partnering up with an eco-friendly blockchain company based in the United States.
Progressive blockchain adoption
The capital city of Gangwon Province, Chuncheon, has signed a partnership deal with clean energy focused blockchain company Swytch with the aim of boosting economic and environmental sustainability.
Within the partnership, participating organizations will be in pursuit of combining solar energy with the Swytch blockchain network. According to a press release, Mayor of Chuncheon Lee Jae-Soo and Brock Pierce, Chairman of the Bitcoin Foundation, were in attendance of the meeting that saw the agreement come to fruition.
Several other South Korean cities have already partnered with Swytch, echoing the growing confidence of blockchain technologies in one of the most proactive blockchain-nations in the world.
Mayor Jae-Soo said, “There is no doubt that growing our renewable energy dependence is a positive action… We are enthusiastic about this partnership that will decrease our carbon footprint and increase sustainable energy.”
Swytch is a blockchain platform that “tracks, verifies and rewards” the reduction of carbon emissions, it utilizes artificial intelligence (AI) and machine learning to monitor the displacement of carbon.
Youngsook Park, vice president of businesses development of Swytch in South Korea said, “This partnership aims to address energy shortages while incentivizing infrastructure development in a city that is ready to decrease its dependence on fossil fuels.”
In terms of “real-world” application, the great hurdle that blockchain technology must overcome should it fully launch itself into the mainstream consciousness, environmental projects appear to marry with the nascent tech perfectly.
Blockchain to the rescue
Across the globe, other eco-friendly efforts are underway. In the United Kingdom, the city of Liverpool recently partnered an eco-digital blockchain company to become the first ‘climate-positive’ city in the world. The partnership announced in late July revealed plans to offset carbon emissions by 110% in the city and then convert this positive figure into funding for other global conservation projects.
Japan is looking to improve solar energy efficiency in a big way, through another partnership that incentivises those who invest in clean energy sources, create efficient power management by selling excess capacity and most fascinatingly, allow for ‘power-sharing’ between customers across the blockchain.
Another blockchain project in Moldova has set its eyes on the sun in partnership with a South African solar power marketplace. Users can purchase solar cells and then lease the energy cells to the Technical University of Moldova, solar cell owners will then earn a cryptocurrency from this lease.
Recently in the Philippines, a startup that combines Internet of Things (IoT) and blockchain technologies has been commissioned to tackle the heavily polluted Pasig River, a 27-kilometre long river that runs through the capital city of Manila.
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